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construction contracts entered into by the Coggeshall Co. from
time to time in the past. In late 1988 or early 1989, the
corporation determined that concrete and asphalt work would
constitute a natural extension of the corporation's existing
construction activities, and principals of the corporation and
the Coggeshall Co. in 1989 discussed the idea of the
corporation's acquiring an interest in certain property on Deere
Road, Macomb, Illinois, which was industrial property owned by
Scott Coggeshall, on which the Coggeshall Co. owned an asphalt
plant. In addition, the Coggeshall Co. owned other equipment on
property owned by J. W. Collins, also located in Macomb,
Illinois. The equipment in these two properties was owned by the
Coggeshall Co. in connection with its construction and related
activities (the whole (land and equipment) is referred to as the
Coggeshall property).
In May 1989, and again in January 1991, the corporation
sought to lease the Coggeshall property from the owners. Both
offers were rejected. Between November 1990 and February 1991,
there were also negotiations for the purchase of the Coggeshall
property by the corporation. In September 1989, Scott Coggeshall
and the Coggeshall Co. entered into a management agreement with
and option to sell the Coggeshall property to the Chester Bross
Construction Co. (Bross) for a period ending October 1, 1990,
which agreement was extended by the parties until November 1,
1991. Because of the failure by Bross to pay equipment rental,
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